Shares fall on profit-taking and weak imports
Print Edition
SHANGHAI shares fell yesterday on profit-taking and China’s weak imports, which indicated a sluggish domestic consumer demand.
The Shanghai Composite Index shed 0.22 percent to close at 3,054.02 points, which also halted a three-day advance of 2 percent.
Customs data showed a bigger-than-expected decline in imports, suggesting that domestic demand is still weak and the macro-economy remains in a downward trend.
The Shanghai gauge has enjoyed a 4.1 percent rebound due to a good performance by state-owned companies, but the gains the market made were excessive and it’s now facing profit-taking pressure, analysts said.
Investors are paying close attention to China’s gross domestic product data for the second quarter and also a possible cut in banks’ reserve requirement ratio, an analyst said.
Jiangxi Copper Co slipped 2.41 percent to 16.22 yuan (US$2.43). China’s biggest gold miners, Zhongjin Gold Corp and Shandong Gold Mining Co, both lost more than 2 percent.
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